Professional Documents
Culture Documents
SPECIAL PUBLICATION
ARMENIA
I
AGRC: Armenia’s leading T IS my honour to draw to your attention to received the Outstanding Achievement Award at the
gold producer 10 this Mining Journal special supplement, which ‘Mines and Money’ conference in London in 2003
Global Gold expands focuses on the current state and development for the way in which it had introduced the current,
perspectives of the mining industry in the highly competitive investment environment for the
its operations 11 Republic of Armenia minerals sector.
Key contacts 12 Armenia’s industrial-scale metal production Today, Armenia’s mining sector presents a com-
began in the early 19th century with the opening pletely different picture, a situation that has not just
of the Alaverdy and Kapan copper mines. Follow- resulted from better market prices for metals. Differ-
ing that, the country’s economy began to focus ent issues are now on the agenda for the govern-
more closely on mining in the early 1950s with the ment and the industry’s management alike. Country
This supplement is sponsored by the Ministry of development of the Zangezur Copper Molybdenum image-building, portraying Armenia as being a place
Trade and Economic Development of the Republic Combine, which operates the world-class Kajaran with favourable conditions for doing business gener-
of Armenia within the framework of efforts to deposit (among the ten biggest in the world), and ally and for the mining sector in particular, is the key
attract foreign investment into the mining sector, which produces around 3% of the world’s annual pillar in our efforts to attract foreign investment for
and to demonstrate the favourable conditions that molybdenum output. numerous promising business opportunities.
exist for doing business in Armenia, particularly in Several decades of sustainable development And, of course, we have activities planned within
the mining sector. within the industry were interrupted by the dissolu- the framework of this year’s ‘Mines and Money’
tion of the Soviet Union, coupled with the decline conference, as we know that this type of event can
Published by: in commodity prices on the world’s metal markets. contribute greatly to Armenia’s aims in this area.
Mining Communications Ltd Armenia’s minerals sector also faced other chal- I would therefore like to take this opportunity to
Albert House lenges in terms of its development, being hindered invite you to the Special Country Focus Seminar on
1 Singer Street by factors such as its geographical location and November 22 at 4.30pm, as well as to the Armenian
London EC2A 4BQ unhelpful conditions for transporting its products to exhibit, which will also serve as a meeting point for
Tel: +44 (0)20 7216 6060 the world market. those who are interested in doing mining business
Fax: +44 ( 0)20 7216 6050 The industry was also crippled technologically, with Armenian companies. Needless to say, all mem-
E-mail: editorial@mining-journal.com and this, together with a poor legal and regulatory bers of the Armenian delegation, which consists of
www.mining-journal.com framework that lagged behind world best practice, senior government officials, top mining-company
provided the main challenges when the government managers and prominent experts in the field, includ-
Supplement editors: Simon Walker and Roger Ellis began its efforts to attract foreign investment for ing myself, will be at your disposal on both days of
Design and production: Keith Baldock Armenia’s mining companies. the event, should you wish to contact us.
The chain of reform-orientated work that began I look forward to seeing all of you in London at
Printed by Stephens & George, Merthyr Tydfil, UK in early 2000 with the revision of the regulatory ‘Mines and Money’.
© Mining Communications Ltd 2005 framework, then continued with the liberalisation of
contractual mechanisms and the restructuring of the With regards
The cover shows the 1st century Garni temple built major mining companies. This was achieved through Karen Chshmarityan
by King Tiridates a series of international tenders for the privatisa- Minister of Trade and Economic Development
tion of these combines. In the meantime, Armenia of the Republic of Armenia
Investment
drives GDP growth
ARMENIA’S recent performance has been impressive
on many fronts, and the country now has one of the
fastest-growing economies in the world. Annual
GDP growth has averaged double-digit levels over
the past three years, including 10.1% in 2004, so that
over the past ten years Armenia’s GDP has more than
doubled.
According to the CIS Statistical Committee,
Armenian GDP in 2003 exceeded the pre-independ-
ence level by 8%. By comparison, in neighbouring
Georgia, GDP was 42% below its pre-independence
level. In addition, Armenian consumer price inflation
is mild, despite an increase to 7% last year, a rise
that was caused mainly by a jump in agricultural
producer prices.
Rapid GDP growth has been driven by the ac-
celerating expansion of fixed capital investment.
Gross fixed investment has increased markedly in
Armenia over the past five years, both in absolute
terms and relative to GDP. In 2003, the gross fixed
investment-to-GDP ratio reached 24%. This is above
the benchmarks for both the region and Armenia’s
income group, as well as that achieved in Georgia,
and is comparable to the level of investment in high-
performing Croatia, for example.
The principal challenge for Armenia is to sustain
these high growth rates in order to continue reduc-
ing its high levels of poverty and unemployment,
and to maintain good performance on health,
education and the other social indicators neces-
sary for a competitive workforce. Although foreign
transfers currently play a major role in maintaining
strong growth, Armenia needs to diversify its sources
of financing and reduce the role of foreign aid in
sustaining economic expansion.
Noravank monastery near Amaghu in
Yeghegnadzor district was founded by
Bishop Hovhannes in 1205 Comparative
legacy of a centrally-planned economy and the New sectors, such as precious-stone process- sectoral contributions
breakdown of former Soviet trading patterns. In ing and jewellery manufacture, information and THE unprecedented double-digit economic growth
addition, the effects of the 1988 earthquake, which communication technology, and even tourism, are rate of the past four to five years (around 12% as an
killed more than 25,000 people and made 500,000 beginning to supplement more traditional sectors of annual average) was maintained in 2004, with GDP
homeless, are still being felt. the economy, such as agriculture. growing by 10.1% to US$3,549 million. Unlike previ-
The closure of both the Azerbaijani and Turkish This steady economic progress has earned Arme- ous years, when growth tended to reflect achieve-
borders has been a major hindrance to economic nia increasing support from the major international ments in only certain sectors of the economy,
development, because of Armenia’s dependence on institutions. The International Monetary Fund, World growth last year was more broadly based.
outside supplies of energy and most raw materials. Bank and European Bank for Reconstruction and During 2001-03, the major factors were increased
With land routes through Azerbaijan and Turkey Development, as well as other international financial foreign investment, primarily in the construction sec-
closed, Armenia has to rely on inadequate and institutions and foreign countries, have made tor, and higher exports, whereas economic growth in
unreliable routes through Georgia and Iran. In 1992- substantial grants and loans available, with the total 2004 was generated mainly by the agricultural and
93, the country’s gross domestic product (GDP) fell amount loaned to Armenia since 1993 exceeding service sectors, as well as by locally-funded construc-
by nearly 60% from its 1989 level, and the national US$1.1 billion. These loans are aimed at reducing the tion activities.
currency, the dram, suffered hyperinflation for the budget deficit, stabilising the local currency, devel- Taken as a year-on-year comparison with 2003,
first few years after its introduction in 1993. oping private businesses, the energy, agricultural, the value added in the construction sector increased
Nevertheless, the Armenian Government has food-processing, transport and health and education by 13.4% in 2004, representing around 2.1% of the
been able to carry out wide-ranging economic sectors, and continuing rehabilitation work in the country’s GDP growth. Both public and private-
reforms that have paid off in terms of dramatically earthquake zone. sector investment contributed to the growth in con-
lower inflation and steady growth. Armenia has Continued progress will depend on the struction, and the buoyancy of the sector also had a
registered strong economic growth since 1995, government’s ability to strengthen its macroeco- positive impact on the demand for, and production
building on the turnaround that began the year nomic management, including increasing revenue of, construction materials.
before, and inflation has been negligible for the past collection, further improving the investment climate, By contrast, the contribution of the industrial
several years. and making strides against corruption. sector to GDP growth was insignificant last year, at
4 Mining Journal special publication, London, November 2005
ARMENIA
just 0.4%. This largely reflected the decline of the mining company, Zangezur Copper Molybdenum foreign investment in Armenia. It provides guaran-
diamond-processing industry. Meanwhile, produc- Combine. tees to foreign investors and protects investors from
tion volumes grew by 54% in the chemicals industry, changes in business-related laws for five years.
by 8.7% in mining, and by 9.9% in the production
and distribution of electricity, gas and water. Business environment, Foreign investments in Armenia cannot be
nationalised or alienated. Expropriation may be
The value added in the agriculture sector in 2004
increased by 14%, being attributed mainly to a 20% investment policy allowed only as an extreme measure in the case
of an emergency declared in accordance with the
increase in the output of farm products and an 8%
increase in cattle breeding. In addition, the impact
and incentives legislation of the Republic of Armenia, and may be
applied only upon the decision of a court and with
of the service sector on GDP growth was significant, ACCORDING to the World Bank’s annual report, full compensation. Investors must also be compen-
with a 4.3% contribution. Doing Business in 2006: Creating Jobs, the Republic sated for any damage or loss of profit resulting from
By sector, construction contributed 15.3% of of Armenia is in 46th place in the world rankings illegal actions by state bodies or officials. Compensa-
GDP, agriculture 22.5%, services 34.1% and industry in terms of the ease of doing business. The ‘Ease of tion would be paid at current market prices or prices
19.7%. Per capita GDP in nominal terms amounted Doing Business Index’, which ranks economies from determined by independent auditors, either in the
to US$1,104, a significant increase from the US$873 1 to 155, is calculated as the ranking on the simple currency invested or in any other currency mutually
recorded in 2003. average of country percentile rankings on each of agreed upon by the parties.
Exports increased by 4.3% in 2004 and imports ten topics covered by Doing Business in 2006. Foreign investors can make investments in
grew by 5.6%. Both exports and imports were affect- Other indicators are also quite positive for Arme- Armenia through the establishment of fully foreign-
ed significantly by the decline in diamond-cutting. nia, especially in comparison with other countries owned companies (including representatives,
The appreciation of the local currency against the US of the same income level. For example, the cost of affiliates and branches), the purchase of existing
dollar also had an impact. starting a business is 7% of per capita gross national companies and securities, or the establishment of
Although the value of exports of non-precious income, more than five times lower than the average joint ventures. The company registration process
metals benefited from high world commodity prices, cost reported for lower-middle-income countries. takes about a week.
a significant increase in fuel imports (attributed to International organisations consider that Arme- There are no limitations on the volume and
the high level of investment activity in the economy) nia’s investment and trade policies are the most type of foreign ownership, the number of foreign
made an important contribution to the growth in open in the CIS. Foreign companies are encour- employees or access to financial sources. Neither are
imports overall. aged to invest and are entitled by law to the same there any restrictions on the conversion or repatria-
Foreign investment rose by 33% in 2004, to treatment as local companies; moreover, they have tion of capital and earnings, including branch profits,
US$305.6 million, with foreign direct investment certain advantages. dividends, interest, royalties or management/techni-
(FDI) increasing by 47.7% to US$226.7 million. Some The country’s investment climate is continuously cal-service fees. There are no limits on hard-currency
US$70 million of the FDI reported was attracted improving with a strong government commitment imports, and while cash exports are limited to
through privatisation deals. The mining sector’s to attracting foreign direct investment (FDI), includ- US$10,000 or its equivalent, there are no limitations
share of FDI inflow was 17.4%, being mainly attribut- ing refining the legislative framework. The Law on on wire transfers. Funds may be converted and
able to payments for shares in Armenia’s largest Foreign Investment, adopted in July 1994, regulates transferred through all domestic banks.
The Alaverdy district contains the Alaverdy copper-molybdenum and polymetallic ore deposits a stabilising contract as established by the
and Shamloukh copper-pyrite vein-type deposits, are rich in elements such as bismuth, tellurium, Concession Law.
the Akhtala polymetallic vein-type deposit and selenium, gallium, indium, thallium, rhenium and Mining licence: This entitles the holder to carry out
the Teghout copper-molybdenum porphyry. The germanium. Armenia also has significant deposits mining operations and is granted for a period not
southern ore field hosts the Kajaran and Agarak of construction materials, such as granite, basalt, exceeding 12 years.
copper-molybdenum porphyries, both of which travertine, gypsum, diatomaceous earth, limestone Special mining licence: Also entitling the holder to
are in production, and the Aygedzor and Lichk and raw materials for cement production. carry out mining operations, this is granted for a
porphyries. In addition, the Kapan vein-type There are currently 17 major mining and period of more than 12 years but not exceeding
deposits have been worked since the mid-1800s; the metallurgical companies in operation, mainly 25 years, and entitles the holder to conclude, upon
nearby Shahumyan polymetallic orebody has been concentrated in two provinces, most of them either application, a concession contract as stipulated by
developed more recently. extracting and processing copper and molybdenum the Concession Law.
In terms of resources, Kajaran contains around ores, or extracting gold from tailings. The production A concession contract is a written agreement
60% of the country’s copper, with a resource of aluminium foil began quite recently, based on between the Republic of Armenia and the
estimated at 4.3 Mt of copper metal at a grade raw materials imported from Russia. The total value special mining licensee that regulates the parties’
of 0.27% Cu. The undeveloped Teghout deposit of metal and minerals production in 2004 was obligations as established by the Concession Law. A
contains a further 1.6 Mt of copper at a grade of US$180 million, or approximately 5% of GDP. concession contract comes into force simultaneously
0.35%, and Agarak contains 206,000 t of copper with the corresponding special mining licence and
in ore averaging 0.46% Cu. Kapan – a vein-type
deposit, not a porphyry – is higher grade at 0.99% The legal framework is valid for the whole period that the licence remains
in force.
Cu, and has reserves estimated to contain 209,000 t
of copper. for mineral-sector A stabilisation contract, meanwhile, is a written
agreement between the Republic of Armenia and
Gold occurrences are widespread throughout
Armenia, and consist of two principal types: quartz
administration a special prospecting licensee that regulates the
parties’ obligations as established by the Concession
veins containing both gold and silver, found mainly THE Armenian Government is reforming the Law. If a stabilisation contract is concluded, the
in the north of the country, and gold-bearing administration of the country’s minerals sector with special prospecting licensee, if desired, is provided
polymetallic deposits, which occur mainly in the revisions to the legislative framework that govern with protection and reimbursement for additional
south. Most gold vein deposits, with the exception the sector. The process of drafting a new Concession costs in compliance with the procedures set by the
of Zod (to the east of Lake Sevan), are relatively Law and new Mining Code began in 2001, with the Concession Law. A stabilisation contract comes into
small-scale, and are associated with Palaeogene- involvement of international expertise. The new force simultaneously with the corresponding special
Neogene volcanic activity. Southern Armenian legislation was adopted in late 2002, with Armenia prospecting licence and is valid for no more than 12
polymetallic deposits are also of Palaeogene age, winning an Outstanding Achievement Award at the years from the start of mining the mineral.
but are associated with intrusive activity rather than inaugural ‘Mines and Money’ conference in London Holders of mining licences and special mining
vulcanism. the following year for its success in creating this licences are required to pay royalties of 1% of
According to current information, the geological greatly improved investment environment. the aggregate net-back value of sales of metallic
setting in which most of Armenia’s gold occurrences The Concession Law prescribes the following minerals, together with an additional royalty. This
are found makes it unlikely that larger deposits types of licences: is levied at an incremental rate of 0.1% up to a
remain to be discovered, although it has to be borne Prospecting licence: This entitles the holder to carry maximum of 0.8% where an operation’s profitability
in mind that Soviet-era exploration here focused out sub-surface prospecting operations, and is index exceeds 25%.
almost exclusively on large-scale mineralisation, granted for a period not exceeding three years. The profitability index is calculated by the simple
and that even medium-sized deposits may not have Special prospecting licence: This also entitles formula (R–C)/R, where R is the aggregate net-back
been considered worthwhile in evaluations carried the holder to carry out sub-surface prospecting value of the sales of extracted metallic minerals in
out at that time. operations, and is granted for a period of more any royalty-payment period, and C represents the
Current estimates of the national gold resource than three but not exceeding five years. It operating costs incurred during mineral extraction
inventory stand at around 190 t in quartz vein entitles the holder to conclude, upon application, within the same period.
deposits, and 117 t in polymetallic zones,
with a further 72 t in porphyry-type deposits
in association with copper and molybdenum.
Typical gold grades range from 2.5 g/t at
Shahumyan (polymetallic) to 8 g/t at Zod and
15.9 g/t at Meghradzor (both vein-type).
Other opportunities for investors exist
in deposits of industrial minerals, including
dimension stone, and in mineral-water
resources, for which both domestic and
regional markets exist, with a number of
currently untapped sources. Armenia was
the largest producer of perlite in the former
Soviet Union. It also has some 300 Mt of
undeveloped iron-ore resources.
Today’s
mining industry Views of Republic
Square in Yerevan
ARMENIA has significant deposits of copper,
molybdenum and gold, as well as smaller
deposits of zinc, lead and silver. Some
Mining Journal special publication, London, November 2005 7
ARMENIA
ACP: reviving
copper smelting
ARMENIA’S copper resources are sufficient
to support mining at current rates for
another 300 years, allowing the country
to continue a tradition of copper production that was cal exploration over poten-
established more than 6,000 years ago. Armenian Cop- tial areas of interest, identify
per Programme (ACP), a closed joint stock company, is mineral resources and re-
one of the key players in the country’s copper industry, serves, prepare technical
operating the only copper smelter in the entire region, prefeasibility studies, design
and thus positioned to process most of the concentrate open-pit or underground
produced in Armenia. mines and processing plants, and to undertake the for which the company holds a 25-year mining licence.
Armenian Copper Programme (formerly Manes yev construction of all the production units and supporting In terms of its resources, the Teghout deposit is second
Vallex) started operating in 1997, with the acquisition infrastructure needed for new developments. Thus, only to Kajaran, the focus for ZCMC’s operations.
of the remains of what had once been a metallurgical ACP and its affiliates are now key contributors to the The Teghout deposit’s reserves were approved dur-
giant – the Alaverdy copper smelter. After its shutdown development of the mining and metallurgy sectors in ing the Soviet era in accordance with all the standards
in 1989, the smelter went through a process of decom- Armenia, with a combined staff of about 2,000. and procedures then in effect, with most of the
missioning that lasted several years and resulted in the ACP provides full transparency in its operations, Soviet geological and other data being posted on the
destruction of most of the vital production units and irrespective of current legislative requirements or project website (www.teghout.com). Nonetheless, the
supporting infrastructure. Despite that, the new owners common business practice. All its financial statements company realised that attracting large-scale financ-
subsequently managed to resume smelting opera- are regularly audited by an independent auditor (KPMG ing from Western banks and investors would require
tions there, using a newly commissioned reverberatory Armenia has been the company’s auditor for a number a reassessment of the deposit’s reserve potential. In
furnace. of years), and are publicly available on its corporate order to complete this task, ACP invited the Canadian
However, the operation faced some major problems website. engineering consultancy, Strathcona Mineral Services,
during its first few years, largely related to delays in The gradual expansion of its business has enabled to advise on any further work that would be needed,
refunding value-added tax to the company, and in ACP to strengthen its relations with its most important and since the Strathcona’s last visit in late 2004, ACP has
ensuring stable supplies of primary raw materials. It was partners, both suppliers and customers. Ever since completed initial work on ten drillholes. Accounting
not until 2003 that the smelter managed to achieve full the resumption of operations at the Alaverdy copper for about 1,800 m in total, all of these have twinned
production-capacity utilisation, which in turn allowed smelter, the main concentrate supplier has been ZCMC, old drillholes to check the reliability of the Soviet-era
the company to report a profit for the year, compared which produces over two-thirds of Armenia’s copper. drilling data.
with its previous losses. With the recent privatisation of ZCMC, the largest In order to assure the veracity of the newly-collected
This turnaround resulted mainly because at the mining company in Armenia, there is renewed impetus data, ACP’s sample-preparation laboratory and the
beginning of 2003, after extensive negotiations with the towards further co-operation between the main copper assay laboratory at the Mining and Metallurgy Institute
European Bank for Reconstruction and Development, miner and the country’s only copper smelter. have both been modernised. The results obtained thus
ACP secured a working-capital financing facility from On the sales side, ACP’s principal customer has far from the drilling programme indicate the presence
the bank, enabling the company to meet its payment been Norddeutche Affinerie AG, the largest integrated of a supergene zone of considerable width, resulting
obligations against deliveries from its main supplier, European copper producer. Blister copper is sold to in an overall improvement in the project’s potential
Zangezur Copper Molybdenum Combine (ZCMC). Norddeutche Affinerie with direct annual or biennial viability. This basically warrants the continuation of
The success of this facility led to it being extended by off-take agreements that cover most of the company’s further work at Teghout to prepare a prefeasibility study
another year in 2004, with the EBRD later syndicating planned production. and, provided its findings are positive, to move ahead to
part of the increased loan to Raiffeisen Zentralbank a full feasibility study.
(RZB) in response to a request from ACP to Drilling at Teghout resumed in August this
attract co-financiers to the project. Copper and molybdenum reserves in Armenia year with new, modern drilling rigs supplied
At the moment, discussions are continu- by Atlas Copco, to satisfy all of the require-
ing with both the EBRD and RZB to expand Mo ments that Strathcona defined. In line with
the facility beyond mere working-capital 600 99 91 the company’s recommendation, the drilling
financing, with preliminary agreement hav-
(’000 t) encompasses twin-drilling ten holes in the
ing been reached to include a longer-term central part of the deposit for a total of 2,500
environmental-improvement component in m, and 6,500 m of in-fill drilling in the western
the new project now being negotiated. part of the deposit in 26 holes. This compares
The company’s performance has been Cu with about 45,000 m drilled in 143 holes that
4.00 1.61 1.59
further boosted by the launch of a greenfield (’000 Mt) were included in the reserve calculations car-
copper-gold mining project by an affiliated ried out earlier, with some 10,000 core samples
company, Base Metals Ltd. Increasing tonnages taken and assayed over 20 years up to 1991.
of copper-gold concentrates have meant that
Kajaran Teghout Others (10) The information available to date has
the supply of raw materials for the Alaverdy resulted in ACP considering a phased approach
copper smelter has been secured, at the same time EXPLORATION AND to developing the deposit. In this case, the first stage
increasing the value of its product with higher gold DEVELOPMENT PROJECTS would consist of mining in the supergene zone, with
grades in the feed material. ACP and its affiliates are exploring a number of operations then being expanded into mining in the so-
That the company was able to develop this new prospects and deposits in Armenia to identify the most called ‘little open pit’. This would cover about a quarter
mining project successfully reflected both the experi- viable mining projects, the company’s aim being to of the deposit’s reserves, located in its upper levels.
ence of ACP’s engineering and construction personnel develop its mining activities in the country as well as to Both ACP’s management and shareholders are
and the essential contribution made by the Mining and provide the Alaverdy smelter with a sufficient volume of confident the company has sufficient capacity for suc-
Metallurgy Institute, now part of the same group of feed to support an expansion in its capacity. cessful implementation of the Teghout project once its
companies. The institute undertook the design and led The projects now under evaluation include several feasibility has been proven.
the construction of all of the current mining projects relatively small ones, requiring correspondingly low This confidence is backed, not only by the combined
and enterprises in Armenia, as well as several others in levels of investment and thus presenting a good op- technical capacity of the affiliated companies, but also
neighbouring countries. portunity for entry by a potential partner. Nonetheless, by ACP’s successful track record with major West-
With the added expertise of the institute after its ACP’s main target within its portfolio of mining projects ern banks (including the EBRD and RZB) and, most
privatisation in 2003, ACP and its affiliates now have a is the development of one of the largest deposits in importantly, Armenia’s generally favourable business
unique capacity within the region to carry out geologi- Armenia – the Teghout copper-molybdenum deposit, environment and mining regulations.
basic production operations was profits were used to meet state needs.
almost complete, the pit having It thus became urgent to attract major
12
been equipped with new EKG-5 and investment from foreign companies
EKG-8 excavators and a fleet of 40 by privatising ZCMC, with the aim of
110 t-capacity BelAZ trucks. SBSh-250 10 developing its production still further.
blasthole drills were introduced, and an The third stage of the company’s de-
explosives-production plant was built. velopment began on January 1, 2005,
The ore-transport system from the mine 8 after its successful privatisation, with a
to the concentrator was changed, the Mt
US$200 million investment programme
inefficient ropeway then in use being having already been agreed with the
6
replaced by belt conveyors with inter- Armenian Government. Since the
mediate three-stage crushing of the ore. March quarter of this year, ZCMC has
The ore feed to the plant is now crushed 4
started re-equipping both its mining
to minus 20 mm. and processing operations, with a new
In the concentrator itself, 16 m3 truck fleet and 25 m3 flotation cells,
flotation cells were tested and installed, 2 which have already been procured and
adding to the existing 3.2 m3-capacity installed. The current aim is to process
cells. However, the major shortcoming 9.54 Mt this year, and to increase
0
of the entire re-equipment process, Karajan’s ore-processing capacity by
which still applies today, has been 50% to 12.5-13 Mt/y by 2008.
51
54
57
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66
69
72
75
78
81
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87
90
93
96
99
02
05
08
19
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19
19
19
19
19
19
19
19
19
19
19
20
20
20
km
Key contacts
MINISTRY OF TRADE AND ECONOMIC DEVELOPMENT Armenian Development Agency Zangezur Copper-Molybdenum Combine
Karen Chshmaritian, Minister Vahagn Movsisyan, General Director 18 Lernagortsneri Street
Tel: +374 10 526 134 Tel: (+374 10) 570 170 Kajaran
Fax: +374 10 526 577 Fax: (+374 10) 542 272 Syunik Province
Arthur Ashughyan, Head of Mining Department E-mail: vmovsisyan@ada.am Tel: (374-10) 280-977
Tel: +374 10 526 188 Website: www.ada.am Fax: (374-85) 32-846
Fax: +374 10 526 577 E-mail: zcmc@arminco.com
E-mail: aashughyan@minted.am Armenian Copper Programme Contact: Maxim Hakobyan, managing director
Website: www.minted.am 19 Khanjyan Street
Yerevan-10 Ararat Gold Recovery Co
MINISTRY OF NATURE PROTECTION OF THE RA Tel: (374-10) 540 185 19 Khangyan Street, 375 010, Yerevan, Armenia
Vardan Ayvazyan, Minister Fax: (374-10) 540 186 Tel: (374-10) 545 836
Tel: +374 10 521 099 E-mail: info@acp.am Fax: (374-10) 548 361
Fax: +374 10 585 469 Website: www.acp.am E-mail: agrc@arminco.com
Website: www.mnpiac.am Contact: Gagik Arzumanyan, executive director Contact: Sanjay Dalmia, chief executive